<PAGE>
Semi-Annual Report
------------------------------------------------------------
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1
TIAA-CREF LIFE FUNDS-STOCK INDEX FUND
Financial Statements (Unaudited)
including
Statement of Investments
-------------
June 30, 1999
[LOGO]
The Investment Company Act of 1940 requires TIAA-CREF Life
Separate Account VA-1 to provide its contractowners with
this semi-annual report to report on the financial condition
and portfolio holdings of the fund(s) in which it invests.
The Separate Account is also providing its own financial
statements. An annual report will also be provided each year
towards the end of February.
<PAGE>
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1
TIAA-CREF LIFE FUNDS-STOCK INDEX FUND
INDEX TO UNAUDITED FINANCIAL STATEMENTS
JUNE 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
----
<S> <C>
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1:
Statement of Assets and Liabilities................................... 2
Statement of Operations............................................... 3
Statements of Changes in Net Assets................................... 4
Notes to Financial Statements......................................... 5
TIAA-CREF LIFE FUNDS--STOCK INDEX FUND:
Statement of Assets and Liabilities................................... 7
Statement of Operations............................................... 8
Statements of Changes in Net Assets................................... 9
Financial Highlights.................................................. 10
Notes to Financial Statements......................................... 11
Statement of Investments.............................................. 13
</TABLE>
<PAGE>
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
JUNE 30, 1999
<TABLE>
<S> <C>
ASSETS
Investments, at cost............................ $3,061,159
----------
Shares held in Stock Index Fund of
TIAA-CREF Life Funds.......................... 111,350
Net asset value per share ("NAV")............... 29.11
----------
Investments, at value (Shares X NAV)............ 3,241,446
----------
TOTAL ASSETS 3,241,446
----------
NET ASSETS........................................ $3,241,446
----------
----------
NUMBER OF ACCUMULATION UNITS OUTSTANDING--Notes 5
and 6........................................... 111,087
----------
----------
NET ASSET VALUE, PER ACCUMULATION UNIT--Note 5.... $ 29.18
----------
----------
</TABLE>
See notes to financial statements.
2
<PAGE>
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1
STATEMENT OF OPERATIONS (Unaudited)
SIX MONTHS ENDED JUNE 30, 1999
<TABLE>
<S> <C>
INVESTMENT INCOME
Income:
Reinvested dividends.......................... $ --
--------
TOTAL INCOME --
--------
Expenses--Note 3:
Administrative expenses....................... 1,203
Mortality and expense risk charges............ 602
--------
TOTAL EXPENSES 1,805
--------
INVESTMENT LOSS--NET (1,805)
--------
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS--Note 4
Net realized gain on investments.............. 8,516
Net change in unrealized appreciation on
investments................................. 176,086
--------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 184,602
--------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $182,797
--------
--------
</TABLE>
See notes to financial statements.
3
<PAGE>
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
December 1, 1998
Six Months (Commencement of
Ended Operations) to
June 30, 1999 December 31, 1998
------------- --------------------
<S> <C> <C>
(Unaudited)
FROM OPERATIONS
Investment income (loss)--net......... $ (1,805) $ 186
Net realized gain on investments...... 8,516 --
Net change in unrealized appreciation
on investments....................... 176,086 4,201
------------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 182,797 4,387
------------- ----------
FROM CONTRACTOWNER TRANSACTIONS
Seed money from TIAA-CREF Life........ -- 100,000
Premiums.............................. 3,008,815 --
Net transfers to TIAA................. (54,553) --
------------- ----------
NET INCREASE IN NET ASSETS RESULTING
FROM CONTRACTOWNER TRANSACTIONS 2,954,262 100,000
------------- ----------
NET INCREASE IN NET ASSETS 3,137,059 104,387
NET ASSETS
Beginning of period................... 104,387 --
------------- ----------
End of period......................... $ 3,241,446 $ 104,387
------------- ----------
------------- ----------
</TABLE>
See notes to financial statements.
4
<PAGE>
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--ORGANIZATION
TIAA-CREF Life Separate Account VA-1 (the "Account") was established by
TIAA-CREF Life Insurance Company ("TIAA-CREF Life") as a separate investment
account under New York law on July 27, 1998. TIAA-CREF Life, which commenced
operations as a legal reserve life insurance company under the insurance laws of
the State of New York on December 18, 1996, is a wholly-owned indirect
subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"),
also a legal reserve life insurance company which was established under the
insurance laws of the State of New York in 1918.
The Account is registered with the Securities and Exchange Commission
("Commission") as a unit investment trust under the Investment Company Act of
1940. The Account invests in shares of the Stock Index Fund of TIAA-CREF Life
Funds (the "Fund"), an open-end management investment company that was organized
as a business trust under Delaware law on August 13, 1998. The investment
objective of the Fund is favorable long-term return from a diversified portfolio
selected to track the overall market for common stocks publicly traded in the
United States, as represented by a broad stock market index.
The Account commenced operations on December 1, 1998 when TIAA-CREF Life
purchased 4,000 Accumulation Units of the Account at $25 per Unit, for a total
of $100,000. The Account began offering Accumulation Units to contractowners
other than TIAA-CREF Life on January 4, 1999. At June 30, 1999, TIAA-CREF Life
owned 4,000 shares of the Account with a total value of $116,717.
TIAA-CREF Life provides all administrative services for the Account. Teachers
Personal Investors Services, Inc. ("TPIS"), an indirect subsidiary of TIAA,
which is registered with the Commission as a broker-dealer and is a member of
the National Association of Securities Dealers, Inc., performs distribution
functions for contracts pursuant to a Principal Underwriting and Administrative
Services Agreement.
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements may require management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, income,
expenses and related disclosures. Actual results may differ from those
estimates. The following is a summary of the significant accounting policies
consistently followed by the Account, which are in conformity with generally
accepted accounting principles.
Valuation of Investments: The market value of the investment in the Fund is
based on the net asset value of the Fund as of the close of business on the
valuation date.
Accounting for Investments: Securities transactions are accounted for as of the
date the securities are purchased or sold (trade date). Dividend income is
recorded on the ex-dividend date. Realized gains and losses on security
transactions are based on the specific identification method.
Federal Income Taxes: Based on provisions of the Internal Revenue Code, no
federal taxes are attributable to the net investment experience of the Account.
NOTE 3--EXPENSE CHARGES
Daily charges are deducted from the net assets of the Account for services
required to administer the Account and the contracts, and to cover certain
insurance risks borne by TIAA-CREF Life. The administrative expense charge is
currently set at an annual rate of 0.20% of the net assets of the Account.
TIAA-CREF Life also imposes a daily charge for bearing certain mortality and
expense risks in connection with the contracts equivalent to an annual rate of
0.10% of the net assets of the Account.
NOTE 4--INVESTMENTS
Purchases and sales of Fund shares for the six months ended June 30, 1999 were
$3,019,827 and $67,323, respectively.
5
<PAGE>
TIAA-CREF LIFE SEPARATE ACCOUNT VA-1
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (Concluded)
NOTE 5--CONDENSED FINANCIAL INFORMATION
Selected condensed financial information for an Accumulation Unit of the Account
is presented below.
<TABLE>
<CAPTION>
Six Months December 1,1998
Ended (date established) to
June 30, 1999 December 31,1998
------------- ---------------------
<S> <C> <C>
(Unaudited)
Per Accumulation Unit Data:
Investment income..................... $ .000 $ .052
Expenses.............................. .059 .006
------------- -------
Investment income (loss)--net......... (.059) .046
Net realized and unrealized gain on
investments......................... 3.142 1.050
------------- -------
Net increase in
Accumulation Unit Value............. 3.083 1.096
Accumulation Unit Value:
Beginning of period................. 26.096 25.000
------------- -------
End of period....................... $29.179 $26.096
------------- -------
------------- -------
Total return............................ 11.81% 4.39%
Ratio to Average Net Assets:
Expenses.............................. 0.15% 0.02%
Investment income (loss)--net......... (0.15)% 0.18%
Portfolio turnover rate................. 0.54% 0.00%
Thousands of Accumulation Units
outstanding at end of period.......... 111 4
</TABLE>
The percentages shown above are not annualized.
NOTE 6--ACCUMULATION UNITS
Changes in the number of Accumulation Units outstanding were as follows:
<TABLE>
<CAPTION>
December 1,1998
Six Months (Commencement of
Ended Operations) to
June 30, 1999 December 31,1998
------------- -----------------
<S> <C> <C>
(Unaudited)
Accumulation Units:
Credited for premiums................. 110,087 4,000
Cancelled for transfers and
disbursements....................... (3,000) --
Outstanding:
Beginning of period................. 4,000 --
------------- -----
End of period....................... 111,087 4,000
------------- -----
------------- -----
</TABLE>
6
<PAGE>
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
JUNE 30, 1999
<TABLE>
<S> <C>
ASSETS
Investments, at cost............................ $28,024,831
Net unrealized appreciation of investments...... 3,924,881
-----------
Investments, at value........................... 31,949,712
Cash............................................ 319,643
Dividends and interest receivable............... 28,737
Receivable from securities transactions......... 109,586
-----------
TOTAL ASSETS 32,407,678
-----------
LIABILITIES
Accrued expenses................................ 2,140
-----------
TOTAL LIABILITIES 2,140
-----------
NET ASSETS........................................ $32,405,538
-----------
-----------
Net assets consist of:
Paid in capital................................. $28,105,344
Accumulated undistributed net investment
income........................................ 183,649
Accumulated undistributed realized gains........ 191,664
Accumulated net unrealized appreciation on
investments................................... 3,924,881
-----------
NET ASSETS........................................ $32,405,538
-----------
-----------
NUMBER OF SHARES OUTSTANDING, $.0001 par value,
unlimited number of shares of beneficial
interest authorized............................. 1,113,388
-----------
-----------
NET ASSET VALUE PER SHARE......................... $ 29.11
-----------
-----------
</TABLE>
See notes to financial statements.
7
<PAGE>
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
STATEMENT OF OPERATIONS (Unaudited)
SIX MONTHS ENDED JUNE 30, 1999
<TABLE>
<S> <C>
INVESTMENT INCOME
Income:
Interest...................................... $ 4,952
Dividends..................................... 187,392
----------
TOTAL INCOME 192,344
----------
Expenses--Notes 3 and 5:
Management fee................................ 42,512
Trustee fees and expenses..................... 312
----------
EXPENSES BEFORE WAIVER 42,824
Less expenses waived by the advisor........... (32,592)
----------
NET EXPENSES 10,232
----------
INVESTMENT INCOME--NET 182,112
----------
UNREALIZED GAIN ON INVESTMENTS--Note 4
Net realized gain on investments.............. 191,664
Net change in unrealized appreciation on
investments................................. 2,866,961
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 3,058,625
----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $3,240,737
----------
----------
</TABLE>
See notes to financial statements.
8
<PAGE>
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
December 1, 1998
Six Months (Commencement of
Ended Operations) to
June 30, 1999 December 31, 1998
------------- ------------------
<S> <C> <C>
(Unaudited)
FROM OPERATIONS
Investment income--net................ $ 182,112 $ 54,377
Net realized gain on investments....... 191,664 --
Net change in unrealized appreciation
on investments....................... 2,866,961 1,057,920
------------- ------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 3,240,737 1,112,297
------------- ------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income............ -- (52,840)
------------- ------------------
TOTAL DISTRIBUTIONS -- (52,840)
------------- ------------------
SHAREHOLDER TRANSACTIONS
Seed money subscriptions.............. -- 25,100,000
Subscriptions......................... 3,019,827 --
Reinvestment of distributions......... -- 52,840
Redemptions........................... (67,323) --
------------- ------------------
NET INCREASE FROM
SHAREHOLDER TRANSACTIONS 2,952,504 25,152,840
------------- ------------------
NET INCREASE IN NET ASSETS 6,193,241 --
NET ASSETS
Beginning of period................... 26,212,297 --
------------- ------------------
End of period......................... $ 32,405,538 $ 26,212,297
------------- ------------------
------------- ------------------
CHANGE IN FUND SHARES:
Shares outstanding at beginning of
period.............................. 1,006,046 --
------------- ------------------
Seed money subscriptions.............. -- 1,004,000
Subscriptions......................... 109,759 --
Shares issued in reinvestment of
distribution........................ -- 2,046
Shares redeemed....................... (2,417) --
------------- ------------------
Net increase in shares
outstanding....................... 107,342 1,006,046
------------- ------------------
Shares outstanding at end of
period............................ 1,113,388 1,006,046
------------- ------------------
------------- ------------------
</TABLE>
See notes to financial statements.
9
<PAGE>
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
December 1, 1998
Six Months (Commencement of
Ended Operations) to
June 30, 1999 December 31, 1998
------------- -----------------
<S> <C> <C>
(Unaudited)
SELECTED PER SHARE DATA:
Net assets value, beginning of
period.............................. $26.05 $25.00
------ ------
Gain from investment operations:
Net investment income............... 0.16 0.05
Net realized and unrealized gain on
investments....................... 2.90 1.05
------ ------
Total gains from investment
operations...................... 3.06 1.10
------ ------
Distributions:
From net investment income.......... -- (0.05)
------ ------
Total distributions............... -- (0.05)
------ ------
Net asset value, end of period........ $29.11 $26.05
------ ------
------ ------
TOTAL RETURN............................ 11.94% 4.41%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in
thousands).......................... 32,406 26,212
Ratio of expenses to average net
assets before expense waiver........ 0.15% 0.03%
Ratio of expenses to average net
assets after expense waiver......... 0.04% 0.01%
Ratio of net investment income to
average net assets.................. 0.64% 0.22%
Portfolio turnover rate............... 7.94% 0.00%
</TABLE>
The percentages shown above are not annualized.
See notes to financial statements.
10
<PAGE>
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--ORGANIZATION
TIAA-CREF Life Funds is a Delaware business trust that was organized on August
13, 1998 and is registered with the Securities and Exchange Commission
("Commission") under the Investment Company Act of 1940 as an open-end
management investment company. It currently consists of one series, the Stock
Index Fund (the "Fund") which invests in a diversified portfolio selected to
track the overall market for common stocks publicly traded in the United States,
as represented by a broad stock market index. TIAA-CREF Life Separate Account
VA-1 (the "Account") which is registered with the Commission as a unit
investment trust under the 1940 Act invests in the Fund. The Account is a
separate account of TIAA-CREF Life Insurance Company ("TIAA-CREF Life") which
commenced operations as a legal reserve life insurance company under the
insurance laws of the State of New York on December 18, 1996, and is a
wholly-owned indirect subsidiary of Teachers Insurance and Annuity Association
of America ("TIAA"), also a legal reserve life insurance company which was
established under the insurance laws of the State of New York in 1918.
The Fund commenced operations on December 1, 1998 when the Account purchased
4,000 shares at $25 per share, for a total of $100,000 and TIAA purchased
1,000,000 shares at $25 per share, for a total of $25,000,000. At June 30, 1999,
the Account owned 111,350 shares in the Fund, with a total value of $3,241,446
and TIAA owned 1,002,038 shares in the Fund, with a total value of $29,164,092.
Teachers Advisors, Inc. ("Advisors"), an indirect subsidiary of TIAA, which is
registered with the Commission as an investment adviser, provides investment
advisory services for the Fund pursuant to an Investment Management Agreement
between TIAA-CREF Life, Advisors and the Fund.
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements may require management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, income,
expenses and related disclosures. Actual results may differ from those
estimates. The following is a summary of the significant accounting policies
consistently followed by the Fund, which are in conformity with generally
accepted accounting principles.
Valuation of Investments: Securities listed or traded on any United States
national securities exchange are valued at the last sales price as of the close
of the principal securities exchange on which such securities are traded or, if
there is no sale, at the mean of the last bid and asked prices on such exchange.
Securities traded only in the over-the-counter market and quoted in the NASDAQ
National Market System are valued at the last sales price, or at the mean of the
last bid and asked prices if no sale is reported. All other over-the-counter
securities are valued at the mean of the last bid and asked prices. Short-term
money market instruments are stated at market value. Portfolio securities for
which market quotations are not readily available are valued at fair value as
determined in good faith under the direction of the Board of Trustees.
Accounting for Investments: Securities transactions are accounted for as of the
date the securities are purchased or sold (trade date). Interest income is
recorded as earned and, for short-term money market instruments, includes
accrual of discount and amortization of premium. Dividend income is recorded on
the ex-dividend date. Realized gains and losses on securities transactions are
accounted for on the specific identification basis.
Federal Income Taxes: As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, the Fund will not be subject to
federal income taxes to the extent that it distributes substantially all taxable
income each year.
NOTE 3--MANAGEMENT AGREEMENTS
Daily charges are deducted from the net assets of the Fund for investment
management services provided by Advisors. The Investment Management Agreement
sets the investment advisory fee at an annual rate of 0.30% of the net assets of
the Fund. Currently, Advisors has agreed to waive a portion of such fee, so that
the daily deduction is equivalent to an annual charge of 0.07% of the net assets
of the Fund.
11
<PAGE>
TIAA-CREF LIFE FUNDS
STOCK INDEX FUND
NOTES TO FINANCIAL STATEMENTS (Unaudited) -- (Concluded)
NOTE 4--INVESTMENTS
At June 30, 1999 the net unrealized appreciation on investments was $3,924,881,
consisting of gross unrealized appreciation of $4,903,131 and gross unrealized
depreciation of $978,250.
Purchases and sales of securities, other than short-term money market
instruments, for the six months ended June 30, 1999, were $5,065,441 and
$2,265,669, respectively.
NOTE 5--TRUSTEE FEES
The Fund pays its Trustees, who are not also officers or affiliated persons of
the Fund, certain remuneration for their services, plus travel and other
expenses incurred in attending Board meetings. Trustees who are also officers or
affiliated persons receive no remuneration for their services as Trustees.
12
<PAGE>
TIAA-CREF LIFE FUND
STATEMENT OF INVESTMENTS--STOCK INDEX FUND (Unaudited)
JUNE 30, 1999
SUMMARY BY INDUSTRY
<TABLE>
<CAPTION>
VALUE %
----------- ------
<S> <C> <C>
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS......... $ 19,468 0.06%
AMUSEMENT AND RECREATION SERVICES..... 7,750 0.02
APPAREL AND ACCESSORY STORES.......... 186,113 0.57
APPAREL AND OTHER TEXTILE PRODUCTS.... 31,640 0.10
AUTO REPAIR, SERVICES AND PARKING..... 14,000 0.04
AUTOMOTIVE DEALERS AND SERVICE
STATIONS............................ 26,300 0.08
BUILDING MATERIALS AND GARDEN
SUPPLIES............................ 316,799 0.98
BUSINESS SERVICES..................... 2,534,675 7.82
CHEMICALS AND ALLIED PRODUCTS......... 3,932,076 12.14
COMMUNICATIONS........................ 3,921,443 12.10
DEPOSITORY INSTITUTIONS............... 2,530,819 7.81
EATING AND DRINKING PLACES............ 238,978 0.74
EDUCATIONAL SERVICES.................. 12,631 0.04
ELECTRIC, GAS, AND SANITARY
SERVICES............................ 1,205,427 3.72
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT........................... 2,652,039 8.18
ENGINEERING AND MANAGEMENT SERVICES... 36,025 0.11
FABRICATED METAL PRODUCTS............. 233,124 0.72
FOOD AND KINDRED PRODUCTS............. 1,089,777 3.36
FOOD STORES........................... 218,470 0.67
FURNITURE AND FIXTURES................ 92,623 0.29
FURNITURE AND HOMEFURNISHINGS
STORES.............................. 117,850 0.36
GENERAL BUILDING CONTRACTORS.......... 18,730 0.06
GENERAL MERCHANDISE STORES............ 737,059 2.28
HEALTH SERVICES....................... 109,578 0.34
HEAVY CONSTRUCTION, EXCEPT BUILDING... 2,825 0.01
HOLDING AND OTHER INVESTMENT
OFFICES............................. 246,944 0.76
HOTELS AND OTHER LODGING PLACES....... 105,561 0.33
INDUSTRIAL MACHINERY AND EQUIPMENT.... 2,544,366 7.85
INSTRUMENTS AND RELATED PRODUCTS...... 694,835 2.14
INSURANCE AGENTS, BROKERS AND
SERVICE............................. 52,850 0.16
<CAPTION>
VALUE %
----------- ------
<S> <C> <C>
INSURANCE CARRIERS.................... $ 1,701,735 5.25%
LOCAL AND INTERURBAN PASSENGER
TRANSIT............................. 8,387 0.03
LUMBER AND WOOD PRODUCTS.............. 73,149 0.23
METAL MINING.......................... 55,717 0.17
MISCELLANEOUS MANUFACTURING
INDUSTRIES.......................... 136,238 0.42
MISCELLANEOUS RETAIL.................. 288,138 0.89
MOTION PICTURES....................... 366,005 1.13
NONDEPOSITORY INSTITUTIONS............ 655,228 2.02
NONMETALLIC MINERALS, EXCEPT FUELS.... 16,625 0.05
OIL AND GAS EXTRACTION................ 208,665 0.64
PAPER AND ALLIED PRODUCTS............. 247,069 0.76
PERSONAL SERVICES..................... 43,062 0.13
PETROLEUM AND COAL PRODUCTS........... 1,203,383 3.72
PRIMARY METAL INDUSTRIES.............. 111,085 0.34
PRINTING AND PUBLISHING............... 294,253 0.91
RAILROAD TRANSPORTATION............... 139,842 0.43
REAL ESTATE........................... 13,212 0.04
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS............................ 164,572 0.51
SECURITY AND COMMODITY BROKERS........ 474,027 1.46
STONE, CLAY, AND GLASS PRODUCTS....... 67,642 0.21
TEXTILE MILL PRODUCTS................. 9,056 0.03
TOBACCO PRODUCTS...................... 273,182 0.84
TRANSPORTATION BY AIR................. 163,855 0.51
TRANSPORTATION EQUIPMENT.............. 954,669 2.95
TRANSPORTATION SERVICES............... 25,912 0.08
TRUCKING AND WAREHOUSING.............. 4,631 0.01
WATER TRANSPORTATION.................. 13,600 0.04
WHOLESALE TRADE-DURABLE GOODS......... 67,362 0.21
WHOLESALE TRADE-NONDURABLE GOODS...... 238,636 0.74
----------- ------
TOTAL COMMON STOCK
(COST $28,024,831).................... 31,949,712 98.59
----------- ------
TOTAL PORTFOLIO
(COST $28,024,831).................... 31,949,712 98.59
OTHER ASSETS & LIABILITIES, NET....... 455,826 1.41
----------- ------
NET ASSETS............................. $32,405,538 100.00%
----------- ------
----------- ------
</TABLE>
See notes to financial statements. 13
<PAGE>
TIAA-CREF LIFE FUND
STATEMENT OF INVESTMENTS--STOCK INDEX FUND (Unaudited)
JUNE 30, 1999
<TABLE>
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
COMMON STOCK--98.59%
AGRICULTURAL PRODUCTION-CROPS--0.06%
500 PIONEER-HI-BRED INTERNATIONAL, INC............................................ $ 19,468
------------
AMUSEMENT AND RECREATION SERVICES--0.02%
200 - HARRAH'S ENTERTAINMENT, INC................................................... 4,400
200 - MIRAGE RESORT, INC............................................................ 3,350
------------
7,750
------------
APPAREL AND ACCESSORY STORES--0.57%
400 - ABERCROMBIE & FITCH CO (CLASS A).............................................. 19,200
1,950 GAP, INC...................................................................... 98,231
174 LIMITED, INC.................................................................. 7,895
200 NORDSTROM, INC................................................................ 6,700
200 - PAYLESS SHOESOURCE, INC....................................................... 10,700
200 ROSS STORES, INC.............................................................. 10,075
1,000 TJX COS, INC.................................................................. 33,312
------------
186,113
------------
APPAREL AND OTHER TEXTILE PRODUCTS--0.10%
400 - FRUIT OF THE LOOM LTD (CLASS A)............................................... 3,900
450 - JONES APPAREL GROUP, INC...................................................... 15,440
100 VF CORP....................................................................... 4,275
300 WARNACO GROUP, INC (CLASS A).................................................. 8,025
------------
31,640
------------
AUTO REPAIR, SERVICES AND PARKING--0.04%
100 HERTZ CORP (CLASS A).......................................................... 6,200
300 RYDER SYSTEM, INC............................................................. 7,800
------------
14,000
------------
AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.08%
800 - AUTONATION, INC............................................................... 14,250
400 - AUTOZONE, INC................................................................. 12,050
------------
26,300
------------
BUILDING MATERIALS AND GARDEN SUPPLIES--0.98%
4,100 HOME DEPOT, INC............................................................... 264,193
928 LOWES COS, INC................................................................ 52,606
------------
316,799
------------
BUSINESS SERVICES--7.82%
300 - ACNEILSEN CORP................................................................ 9,075
100 - ACXIOM CORP................................................................... 2,493
300 ADOBE SYSTEMS, INC............................................................ 24,646
200 - AFFILIATED COMPUTER SERVICES, INC (CLASS A)................................... 10,125
2,900 AMERICA ONLINE, INC........................................................... 320,450
200 - AMERICAN MANAGEMENT SYSTEMS, INC.............................................. 6,412
200 AUTODESK, INC................................................................. 5,912
1,400 AUTOMATIC DATA PROCESSING, INC................................................ 61,600
800 - BMC SOFTWARE, INC............................................................. 43,200
700 - CADENCE DESIGN SYSTEMS, INC................................................... 8,925
100 - CATALINA MARKETING CORP....................................................... 9,200
300 - CENTURY BUSINESS SERVICES, INC................................................ 4,350
300 - CERIDIAN CORP................................................................. 9,806
100 - CHOICEPOINT, INC.............................................................. 6,712
200 - CITRIX SYSTEMS, INC........................................................... 11,300
200 - CMGI, INC..................................................................... 22,812
200 - CNET, INC..................................................................... 11,525
1,300 COMPUTER ASSOCIATES INTERNATIONAL, INC........................................ 71,500
100 - COMPUTER HORIZONS CORP........................................................ 1,381
400 - COMPUTER SCIENCES CORP........................................................ 27,675
1,000 - COMPUWARE CORP................................................................ 31,812
600 - CONVERGYS CORP................................................................ 11,550
300 - CSG SYSTEMS INTERNATIONAL, INC................................................ 7,856
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
100 - DOUBLECLICK, INC.............................................................. $ 9,175
100 - EARTHLINK NETWORK, INC........................................................ 6,143
300 - ELECTRONIC ARTS, INC.......................................................... 16,275
1,000 ELECTRONIC DATA SYSTEMS CORP.................................................. 56,562
300 - ELECTRONICS FOR IMAGING, INC.................................................. 15,412
300 EQUIFAX, INC.................................................................. 10,706
408 - EXCITE AT HOME................................................................ 22,006
1,200 FIRST DATA CORP............................................................... 58,725
150 - FISERV, INC................................................................... 4,696
300 - GTECH HOLDINGS CORP........................................................... 7,068
700 IMS HEALTH, INC............................................................... 21,875
1,000 - INFORMIX CORP................................................................. 8,531
300 - INTERIM SERVICES, INC......................................................... 6,187
150 - INTERNATIONAL NETWORK SERVICES................................................ 6,056
400 INTERPUBLIC GROUP OF COS, INC................................................. 34,650
200 - INTUIT, INC................................................................... 18,025
300 - J.D. EDWARDS & CO............................................................. 5,550
300 - KEANE, INC.................................................................... 6,787
100 - LABOR READY, INC.............................................................. 3,250
200 - LAMAR ADVERTISING CO (CLASS A)................................................ 8,187
200 - LYCOS, INC.................................................................... 18,375
100 - MACROMEDIA, INC............................................................... 3,525
400 MANPOWER, INC................................................................. 9,050
200 - MEDQUIST, INC................................................................. 8,750
100 - MERCURY INTERACTIVE CORP...................................................... 3,537
100 - METAMOR WORLDWIDE, INC........................................................ 2,406
9,400 - MICROSOFT CORP................................................................ 847,762
100 NATIONAL COMPUTER SYSTEMS, INC................................................ 3,375
200 NATIONAL DATA CORP............................................................ 8,550
100 - NETWORK APPLIANCE, INC........................................................ 5,587
500 - NETWORKS ASSOCIATES, INC...................................................... 7,343
300 - NOVA CORP (GEORGIA)........................................................... 7,500
700 - NOVELL, INC................................................................... 18,550
400 OMNICOM GROUP, INC............................................................ 32,000
2,900 - ORACLE CORP................................................................... 107,662
300 - PARAMETRIC TECHNOLOGY CORP.................................................... 4,162
750 PAYCHEX, INC.................................................................. 23,906
200 - POLICY MANAGEMENT SYSTEMS CORP................................................ 6,000
200 #- PROCURENET, INC............................................................... 30
100 - PSINET, INC................................................................... 4,375
100 - QRS CORP...................................................................... 7,800
400 - RATIONAL SOFTWARE CORP........................................................ 13,175
200 - REALNETWORKS, INC............................................................. 13,775
400 - ROBERT HALF INTERNATIONAL, INC................................................ 10,400
100 SEI INVESTMENT CO............................................................. 8,825
100 SHARED MEDICAL SYSTEMS CORP................................................... 6,525
300 - SIEBEL SYSTEMS, INC........................................................... 19,912
200 - SNYDER COMMUNICATIONS, INC.................................................... 6,550
200 - STERLING COMMERCE, INC........................................................ 7,300
200 - STRUCTURAL DYNAMICS RESEARCH CORP............................................. 3,712
1,900 - SUN MICROSYSTEMS, INC......................................................... 130,862
500 - SUNGARD DATA SYSTEMS, INC..................................................... 17,250
300 - SYMANTEC CORP................................................................. 7,650
300 TRUE NORTH COMMUNICATIONS, INC................................................ 9,000
200 - USWEB CORP.................................................................... 4,437
300 - VALASSIS COMMUNICATIONS, INC.................................................. 10,987
200 - VERITAS SOFTWARE CORP......................................................... 18,987
400 - YAHOO, INC.................................................................... 68,900
------------
2,534,675
------------
CHEMICALS AND ALLIED PRODUCTS--12.14%
4,100 ABBOTT LABORATORIES CO........................................................ 186,550
</TABLE>
14 See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
CHEMICALS AND ALLIED PRODUCTS--(CONTINUED)
600 AIR PRODUCTS & CHEMICALS, INC................................................. $ 24,150
300 ALBERTO CULVER CO (CLASS B)................................................... 7,987
200 ALLERGAN, INC................................................................. 22,200
200 ALPHARMA, INC (CLASS A)....................................................... 7,112
200 - ALZA CORP..................................................................... 10,175
3,400 AMERICAN HOME PRODUCTS CORP................................................... 195,500
1,400 - AMGEN, INC.................................................................... 85,225
100 ARCH CHEMICALS, INC........................................................... 2,431
600 AVON PRODUCTS, INC............................................................ 33,300
600 - BIOGEN, INC................................................................... 38,587
5,200 BRISTOL MYERS SQUIBB CO....................................................... 366,275
500 CABOT CORP.................................................................... 12,093
300 - CENTOCOR, INC................................................................. 13,987
269 CLOROX CO..................................................................... 28,732
800 COLGATE PALMOLIVE CO.......................................................... 79,000
400 - CROMPTON & KNOWLES CORP....................................................... 7,825
200 - CYTEC INDUSTRIES, INC......................................................... 6,375
600 DOW CHEMICAL CO............................................................... 76,125
2,800 DU PONT (E.I.) DE NEMOURS & CO................................................ 191,275
100 EASTMAN CHEMICAL CO........................................................... 5,175
500 ECOLAB, INC................................................................... 21,812
100 - FMC CORP...................................................................... 6,831
100 - GENZYME CORP (GENERAL DIVISION)............................................... 4,850
100 - GILEAD SCIENCES, INC.......................................................... 5,225
400 HERCULES, INC................................................................. 15,725
100 - HUMAN GENOME SCIENCES, INC.................................................... 3,950
200 - ICN PHARMACEUTICALS, INC...................................................... 6,437
100 - ICOS CORP..................................................................... 4,081
200 - IDEC PHARMACEUTICALS CORP..................................................... 15,412
500 IMC GLOBAL, INC............................................................... 8,812
200 - IMMUNEX CORP.................................................................. 25,487
200 INTERNATIONAL FLAVORS & FRAGRANCES, INC....................................... 8,875
600 - IVAX CORP..................................................................... 8,475
3,600 JOHNSON & JOHNSON CO.......................................................... 352,800
200 JONES PHARMACEUTICAL, INC..................................................... 7,875
400 LAUDER (ESTEE) CO (CLASS A)................................................... 20,050
2,300 LILLY (ELI) & CO.............................................................. 164,737
300 LUBRIZOL CORP................................................................. 8,175
400 MALLINCKRODT, INC............................................................. 14,550
200 - MEDIMMUNE, INC................................................................ 13,550
6,200 MERCK & CO, INC............................................................... 458,800
400 MILLENNIUM CHEMICAL, INC...................................................... 9,425
1,700 MONSANTO CO................................................................... 67,043
400 MYLAN LABORATORIES, INC....................................................... 10,600
300 NALCO CHEMICAL CORP........................................................... 15,562
200 OLIN CORP..................................................................... 2,637
400 - PERRIGO CO.................................................................... 3,050
3,500 PFIZER, INC................................................................... 384,125
1,200 PHARMACIA & UPJOHN, INC....................................................... 68,175
500 PPG INDUSTRIES, INC........................................................... 29,531
500 PRAXAIR, INC.................................................................. 24,468
3,500 PROCTER & GAMBLE CO........................................................... 312,375
200 - REXALL SUNDOWN, INC........................................................... 2,437
100 - ROBERTS PHARMACEUTICAL CORP................................................... 2,425
458 ROHM & HAAS CO................................................................ 19,636
3,900 SCHERING-PLOUGH CORP.......................................................... 206,700
300 SCHULMAN (A.), INC............................................................ 5,156
700 SHERWIN-WILLIAMS CO........................................................... 19,425
400 SIGMA ALDRICH CORP............................................................ 13,775
200 UNION CARBIDE CORP............................................................ 9,750
2,100 WARNER-LAMBERT CO............................................................. 145,687
100 - WATSON PHARMACEUTICALS, INC................................................... 3,506
------------
3,932,076
------------
COMMUNICATIONS--12.10%
200 - ADELPHIA COMMUNICATIONS CORP (CLASS A)........................................ 12,725
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
200 ALIANT COMMUNICATIONS, INC.................................................... $ 9,237
500 ALLTEL CORP................................................................... 35,750
2,900 AMERITECH CORP................................................................ 213,150
100 - ASSOCIATED GROUP, INC (CLASS A)............................................... 6,512
8,445 AT&T CORP..................................................................... 471,336
2,968 - AT&T CORP-LIBERTY MEDIA GROUP (CLASS A)....................................... 109,074
4,300 BELL ATLANTIC CORP............................................................ 281,112
5,300 BELLSOUTH CORP................................................................ 248,437
400 - CABLEVISION SYSTEMS CORP (CLASS A)............................................ 28,000
100 - CAPSTAR BROADCASTING CORP (CLASS A)........................................... 2,737
2,000 - CBS CORP...................................................................... 86,875
400 CENTURYTEL, INC............................................................... 15,900
200 - CHANCELLOR MEDIA CORP (CLASS A)............................................... 11,025
300 CINCINNATI BELL, INC.......................................................... 7,481
600 - CLEAR CHANNEL COMMUNICATIONS, INC............................................. 41,362
1,800 COMCAST CORP (CLASS A) SPECIAL................................................ 69,187
200 - CONCENTRIC NETWORK CORP....................................................... 7,950
200 - COX COMMUNICATIONS, INC (CLASS A)............................................. 7,362
100 - EXODUS COMMUNICATIONS, INC.................................................... 11,993
300 FRONTIER CORP................................................................. 17,700
200 - GLOBAL TELESYSTEMS GROUP, INC................................................. 16,200
2,600 GTE CORP...................................................................... 196,950
300 - HEARST-ARGYLE TELEVISION, INC................................................. 7,200
200 - HISPANIC BROADCASTING CORP.................................................... 15,175
300 - ICG COMMUNICATIONS, INC....................................................... 6,412
200 - ITC DELTACOM, INC............................................................. 5,600
900 - LEVEL 3 COMMUNICATIONS, INC................................................... 54,056
7,990 LUCENT TECHNOLOGIES, INC...................................................... 538,825
5,000 - MCI WORLDCOM, INC............................................................. 430,312
1,500 - MEDIA ONE GROUP, INC.......................................................... 111,562
400 - NEXTEL COMMUNICATIONS, INC (CLASS A).......................................... 20,075
100 - NEXTLINK COMMUNICATIONS, INC.................................................. 7,437
200 - NTL, INC...................................................................... 17,237
300 - QWEST COMMUNICATIONS INTERNATIONAL, INC....................................... 9,918
5,300 SBC COMMUNICATIONS, INC....................................................... 307,400
400 - SKYTEL COMMUNICATIONS, INC.................................................... 8,375
1,800 SPRINT CORP (FON GROUP)....................................................... 95,062
900 - SPRINT CORP (PCS GROUP)....................................................... 51,412
200 TCA CABLE TV, INC............................................................. 11,100
1,400 U.S. WEST, INC................................................................ 82,250
300 - U.S.A. NETWORKS, INC.......................................................... 12,037
1,600 - VIACOM, INC (CLASS B)......................................................... 70,400
700 - VODAFONE GROUP PLC ADR........................................................ 137,900
100 - VOICESTREAM WIRELESS CORP..................................................... 2,843
400 - WESTERN WIRELESS CORP (CLASS A)............................................... 10,800
------------
3,921,443
------------
DEPOSITORY INSTITUTIONS--7.81%
300 AMSOUTH BANCORP............................................................... 6,956
300 ASSOCIATED BANC-CORP.......................................................... 12,450
100 ASTORIA FINANCIAL CORP........................................................ 4,393
300 BANCORPSOUTH, INC............................................................. 5,437
200 BANCWEST CORP................................................................. 7,425
4,700 BANK OF AMERICA CORP.......................................................... 344,568
1,800 BANK OF NEW YORK CO, INC...................................................... 66,037
3,100 BANK ONE CORP................................................................. 184,643
800 BANKBOSTON CORP............................................................... 40,900
600 BB&T CORP..................................................................... 22,012
100 CCB FINANCIAL CORP............................................................ 5,287
700 CHARTER ONE FINANCIAL, INC.................................................... 19,468
2,300 CHASE MANHATTAN CORP.......................................................... 199,237
200 CITY NATIONAL CORP............................................................ 7,487
500 COMERICA, INC................................................................. 29,718
200 COMMERCE BANCSHARES, INC...................................................... 8,050
300 COMMUNITY FIRST BANKSHARES, INC............................................... 7,162
100 - CONCORD EFS, INC.............................................................. 4,231
200 CULLEN FROST BANKERS, INC..................................................... 5,512
</TABLE>
See notes to financial statements. 15
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
DEPOSITORY INSTITUTIONS--(CONTINUED)
600 DIME BANCORP, INC............................................................. $ 12,075
210 F.N.B. CORP................................................................... 5,670
600 FIFTH THIRD BANCORP........................................................... 39,937
500 FIRST AMERICAN CORP........................................................... 20,781
600 FIRST SECURITY CORP........................................................... 16,350
200 FIRST TENNESSEE NATIONAL CORP................................................. 7,662
2,500 FIRST UNION CORP.............................................................. 117,500
1,500 FIRSTAR CORP.................................................................. 42,000
1,700 FLEET FINANCIAL GROUP, INC.................................................... 75,437
220 FULTON FINANCIAL CORP......................................................... 4,551
700 - GOLDEN STATE BANCORP, INC..................................................... 15,400
300 GOLDEN WEST FINANCIAL CORP.................................................... 29,400
200 GREENPOINT FINANCIAL CORP..................................................... 6,562
900 HIBERNIA CORP (CLASS A)....................................................... 14,118
300 HUDSON UNITED BANCORP......................................................... 9,187
600 HUNTINGTON BANCSHARES, INC.................................................... 21,000
400 INDEPENDENCE COMMUNITY BANK CORP.............................................. 5,400
1,400 KEYCORP....................................................................... 44,975
200 MARSHALL & ILSLEY CORP........................................................ 12,875
1,900 MBNA CORP..................................................................... 58,187
1,200 MELLON BANK CORP.............................................................. 43,650
300 MERCANTILE BANCORP, INC....................................................... 17,137
200 MERCANTILE BANKSHARES CORP.................................................... 7,075
500 MORGAN (J.P.) & CO, INC....................................................... 70,250
900 NATIONAL CITY CORP............................................................ 58,950
600 NORTH FORK BANCORP, INC....................................................... 12,787
300 NORTHERN TRUST CORP........................................................... 29,100
105 OLD KENT FINANCIAL CORP....................................................... 4,396
200 ONE VALLEY BANCORP, INC....................................................... 7,500
400 PACIFIC CENTURY FINANCIAL CORP................................................ 8,625
900 PNC BANK CORP................................................................. 51,862
700 POPULAR, INC.................................................................. 21,218
100 PROVIDENT FINANCIAL GROUP..................................................... 4,375
400 PROVIDIAN FINANCIAL CORP...................................................... 37,400
700 REGIONS FINANCIAL CORP........................................................ 26,906
400 REPUBLIC NEW YORK CORP........................................................ 27,275
200 ROSLYN BANCORP, INC........................................................... 3,437
700 SOUTHTRUST CORP............................................................... 26,862
300 STATE STREET CORP............................................................. 25,612
600 SUMMIT BANCORP................................................................ 25,087
696 SUNTRUST BANKS, INC........................................................... 48,328
400 SYNOVUS FINANCIAL CORP........................................................ 7,950
300 TCF FINANCIAL CORP............................................................ 8,362
200 TRUSTMARK CORP................................................................ 4,575
1,700 U.S. BANCORP.................................................................. 57,800
100 U.S. TRUST CORP............................................................... 9,250
600 UNION PLANTERS CORP........................................................... 26,812
200 UNIONBANCAL CORP.............................................................. 7,225
300 UST CORP...................................................................... 9,075
315 VALLEY NATIONAL BANCORP....................................................... 9,056
500 WACHOVIA CORP................................................................. 42,781
220 WASHINGTON FEDERAL, INC....................................................... 4,936
1,400 WASHINGTON MUTUAL, INC........................................................ 49,525
200 WEBSTER FINANCIAL CORP........................................................ 5,425
4,300 WELLS FARGO CO................................................................ 183,825
100 ZIONS BANCORP................................................................. 6,350
------------
2,530,819
------------
EATING AND DRINKING PLACES--0.74%
300 BOB EVANS FARMS, INC.......................................................... 5,962
300 - BRINKER INTERNATIONAL, INC.................................................... 8,156
100 - CEC ENTERTAINMENT, INC........................................................ 4,225
330 CKE RESTAURANTS, INC.......................................................... 5,362
800 DARDEN RESTAURANTS, INC....................................................... 17,450
300 - FOODMAKER, INC................................................................ 8,512
500 MARRIOTT INTERNATIONAL (CLASS A).............................................. 18,687
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
3,600 MCDONALD'S CORP............................................................... $ 148,725
300 - TRICON GLOBAL RESTAURANTS, INC................................................ 16,237
200 WENDYS INTERNATIONAL, INC..................................................... 5,662
------------
238,978
------------
EDUCATIONAL SERVICES--0.04%
200 - DEVRY, INC.................................................................... 4,475
300 - SYLVAN LEARNING SYSTEMS, INC.................................................. 8,156
------------
12,631
------------
ELECTRIC, GAS, AND SANITARY SERVICES--3.72%
200 - AES CORP...................................................................... 11,625
300 AGL RESOURCES, INC............................................................ 5,531
600 ALLEGHENY ENERGY, INC......................................................... 19,237
200 ALLIANT ENERGY CORP........................................................... 5,675
500 - ALLIED WASTE INDUSTRIES, INC.................................................. 9,875
600 AMEREN CORP................................................................... 23,025
700 AMERICAN ELECTRIC POWER CO, INC............................................... 26,293
100 ATMOS ENERGY CORP............................................................. 2,500
400 AVISTA CORP................................................................... 6,500
600 BROWNING FERRIS INDUSTRIES, INC............................................... 25,800
300 CAROLINA POWER & LIGHT CO..................................................... 12,843
900 CENTRAL & SOUTH WEST CORP..................................................... 21,037
200 CENTRAL HUDSON GAS & ELECTRIC CORP............................................ 8,400
700 CINERGY CORP.................................................................. 22,400
100 CMS ENERGY CORP............................................................... 4,187
700 COASTAL CORP.................................................................. 28,000
400 COLUMBIA ENERGY GROUP......................................................... 25,075
600 CONECTIV, INC................................................................. 14,662
400 CONSOLIDATED EDISON CO OF N.Y., INC........................................... 18,100
400 CONSOLIDATED NATURAL GAS CO................................................... 24,300
700 CONSTELLATION ENERGY GROUP.................................................... 20,737
500 DOMINION RESOURCES, INC....................................................... 21,656
600 DTE ENERGY CO................................................................. 24,000
800 DUKE ENERGY CORP.............................................................. 43,500
200 EASTERN ENTERPRISES CO........................................................ 7,950
1,100 EDISON INTERNATIONAL CO....................................................... 29,425
200 EL PASO ENERGY CORP........................................................... 7,037
400 ENTERGY CORP.................................................................. 12,500
200 EQUITABLE RESOURCES, INC...................................................... 7,550
900 FIRSTENERGY CORP.............................................................. 27,900
400 FLORIDA PROGRESS CORP......................................................... 16,525
300 FPL GROUP, INC................................................................ 16,387
600 GPU, INC...................................................................... 25,312
200 HAWAIIAN ELECTRIC INDUSTRIES, INC............................................. 7,100
200 IDACORP, INC.................................................................. 6,300
400 ILLINOVA CORP................................................................. 10,900
100 INDIANA ENERGY, INC........................................................... 2,131
300 KANSAS CITY POWER & LIGHT CO.................................................. 7,650
100 - KEYSPAN CORP.................................................................. 2,637
700 LOUISVILLE GAS & ELECTRIC ENERGY CORP......................................... 14,700
400 MCN ENERGY GROUP, INC......................................................... 8,300
300 - MIDAMERICAN ENERGY HOLDINGS CO................................................ 10,387
200 NATIONAL FUEL GAS CO.......................................................... 9,700
500 NEW CENTURY ENERGIES, INC..................................................... 19,406
600 - NIAGARA MOHWAK HOLDINGS, INC.................................................. 9,637
300 NICOR, INC.................................................................... 11,418
800 NORTHERN STATES POWER CO...................................................... 19,350
400 OGE ENERGY CORP............................................................... 9,500
400 PACIFICORP.................................................................... 7,350
400 PECO ENERGY CO................................................................ 16,750
200 PEOPLES ENERGY CORP........................................................... 7,537
1,200 PG&E CORP..................................................................... 39,000
400 PINNACLE WEST CAPITAL CORP.................................................... 16,100
400 POTOMAC ELECTRIC POWER CO..................................................... 11,775
800 PP&L RESOURCES, INC........................................................... 24,600
400 PUBLIC SERVICE ENTERPRISE GROUP, INC.......................................... 16,350
</TABLE>
16 See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
ELECTRIC, GAS, AND SANITARY SERVICES--(CONTINUED)
300 PUGET SOUND ENERGY, INC....................................................... $ 7,200
500 QUESTAR CORP.................................................................. 9,562
900 RELIANT ENERGY, INC........................................................... 24,862
300 ROCHESTER GAS & ELECTRIC CORP................................................. 7,968
400 SCANA CORP.................................................................... 9,350
1,000 SEMPRA ENERGY................................................................. 22,625
100 SONAT, INC.................................................................... 3,312
1,500 SOUTHERN CO................................................................... 39,750
700 TECO ENERGY, INC.............................................................. 15,925
600 TEXAS UTILITIES CO............................................................ 24,750
300 UGI CORP...................................................................... 6,056
600 UNICOM CORP................................................................... 23,137
450 UTILICORP UNITED, INC......................................................... 10,940
300 WASHINGTON GAS LIGHT CO....................................................... 7,800
1,400 - WASTE MANAGEMENT, INC......................................................... 75,250
1,100 WILLIAMS COS, INC............................................................. 46,818
200 WPS RESOURCES CORP............................................................ 6,000
------------
1,205,427
------------
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--8.18%
300 - ADC TELECOMMUNICATIONS, INC................................................... 13,668
400 - ADVANCED MICRO DEVICES, INC................................................... 7,225
600 ALLEGHENY TELEDYNE, INC....................................................... 13,575
400 - ALTERA CORP................................................................... 14,725
200 - AMERICAN POWER CONVERSION CORP................................................ 4,025
200 AMETEK, INC................................................................... 4,600
500 - ANALOG DEVICES, INC........................................................... 25,093
500 - ANDREW CORP................................................................... 9,468
600 - ATMEL CORP.................................................................... 15,712
100 - BROADCOM CORP (CLASS A)....................................................... 14,456
600 - CIENA CORP.................................................................... 18,112
100 - COMMSCOPE, INC................................................................ 3,075
300 - COMVERSE TECHNOLOGY, INC...................................................... 22,650
100 - CONEXANT SYSTEMS, INC......................................................... 5,806
100 COOPER INDUSTRIES, INC........................................................ 5,200
500 - CYPRESS SEMICONDUCTOR CORP.................................................... 8,250
100 DALLAS SEMICONDUCTOR CORP..................................................... 5,050
100 - DII GROUP, INC................................................................ 3,731
100 - ECHOSTAR COMMUNICATIONS CORP (CLASS A)........................................ 15,343
1,000 EMERSON ELECTRIC CO........................................................... 62,875
8,800 GENERAL ELECTRIC CO........................................................... 994,400
200 - GENERAL INSTRUMENT CORP....................................................... 8,500
200 HARRIS CORP................................................................... 7,837
8,900 INTEL CORP.................................................................... 529,550
300 - JABIL CIRCUIT, INC............................................................ 13,537
100 - LATTICE SEMICONDUCTOR CORP.................................................... 6,225
600 LINEAR TECHNOLOGY CO.......................................................... 40,350
600 - LSI LOGIC CORP................................................................ 27,675
200 - MAXIM INTEGRATED PRODUCTS..................................................... 13,300
300 MAYTAG CO..................................................................... 20,906
100 - MICROCHIP TECHNOLOGY, INC..................................................... 4,737
500 - MICRON TECHNOLOGY, INC........................................................ 20,156
100 - MMC NETWORKS, INC............................................................. 4,475
200 MOLEX, INC.................................................................... 7,400
1,600 MOTOROLA, INC................................................................. 151,600
100 - PLANTRONICS, INC.............................................................. 6,512
200 - PMC-SIERRA, INC............................................................... 11,787
100 - QLOGIC CORP................................................................... 13,200
400 - QUALCOMM, INC................................................................. 57,400
100 - RAMBUS, INC................................................................... 9,218
400 RAYCHEM CORP.................................................................. 14,800
100 - RAYOVAC CORP.................................................................. 2,268
200 - SANMINA CORP.................................................................. 15,175
200 - SCI SYSTEMS, INC.............................................................. 9,500
100 SCIENTIFIC-ATLANTA, INC....................................................... 3,600
400 - SENSORMATIC ELECTRONICS CORP.................................................. 5,575
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
700 - SOLECTRON CORP................................................................ $ 46,681
100 TELEFLEX, INC................................................................. 4,343
1,000 - TELLABS, INC.................................................................. 67,562
1,100 TEXAS INSTRUMENTS, INC........................................................ 159,500
300 THOMAS & BETTS CORP........................................................... 14,175
200 - UCAR INTERNATIONAL, INC....................................................... 5,050
100 - UNIPHASE CORP................................................................. 16,600
375 - VISHAY INTERTECHNOLOGY, INC................................................... 7,875
300 - VITESSE SEMICONDUCTOR CORP.................................................... 20,231
200 WHIRLPOOL CORP................................................................ 14,800
400 - XILINX, INC................................................................... 22,900
------------
2,652,039
------------
ENGINEERING AND MANAGEMENT SERVICES--0.11%
200 - CATALYTICA, INC............................................................... 2,800
200 - JACOBS ENGINEERING GROUP, INC................................................. 7,600
200 - METZLER GROUP, INC............................................................ 5,525
300 - QUINTILES TRANSNATIONAL CORP.................................................. 12,600
400 SERVICEMASTER CO.............................................................. 7,500
------------
36,025
------------
FABRICATED METAL PRODUCTS--0.72%
200 CRANE CO...................................................................... 6,287
500 CROWN CORK & SEAL CO, INC..................................................... 14,250
3,000 GILLETTE CO................................................................... 123,000
200 HARSCO CORP................................................................... 6,400
400 MARK IV INDUSTRIES, INC....................................................... 8,450
1,000 MASCO CORP.................................................................... 28,875
200 PARKER-HANNIFIN CORP.......................................................... 9,150
300 ROCKWELL INTERNATIONAL CORP................................................... 18,225
300 SNAP-ON, INC.................................................................. 10,856
300 - TOWER AUTOMOTIVE, INC......................................................... 7,631
------------
233,124
------------
FOOD AND KINDRED PRODUCTS--3.36%
1,300 ANHEUSER BUSCH COS, INC....................................................... 92,218
1,600 ARCHER DANIELS MIDLAND CO..................................................... 24,700
600 BESTFOODS, INC................................................................ 29,700
400 CAMPBELL SOUP CO.............................................................. 18,550
6,000 COCA COLA CO.................................................................. 375,000
800 COCA COLA ENTERPRISES, INC.................................................... 23,800
1,500 CONAGRA, INC.................................................................. 39,937
300 CORN PRODUCTS INTERNATIONAL, INC.............................................. 9,131
200 DEAN FOODS CO................................................................. 8,312
300 DOLE FOOD, INC................................................................ 8,812
500 GENERAL MILLS, INC............................................................ 40,187
900 HEINZ (H.J.) CO............................................................... 45,112
100 HERSHEY FOODS CORP............................................................ 5,937
200 HORMEL FOODS CORP............................................................. 8,050
500 IBP, INC...................................................................... 11,875
300 INTERSTATE BAKERIES CORP...................................................... 6,731
200 - KEEBLER FOODS CO.............................................................. 6,075
400 KELLOGG CO.................................................................... 13,200
100 LANCASTER COLONY CORP......................................................... 3,450
200 MCCORMICK & CO, INC (NON-VOTE)................................................ 6,312
1,000 NABISCO GROUP HOLDINGS........................................................ 19,562
3,600 PEPSICO, INC.................................................................. 139,275
400 QUAKER OATS CO................................................................ 26,550
600 RALSTON PURINA CO............................................................. 18,262
2,200 SARA LEE CORP................................................................. 49,912
200 - SMITHFIELD FOODS, INC......................................................... 6,687
200 - SUIZA FOODS CORP.............................................................. 8,375
103 TOOTSIE ROLL INDUSTRIES, INC.................................................. 3,978
700 TYSON FOODS, INC.............................................................. 15,750
300 UNIVERSAL FOODS CORP.......................................................... 6,337
200 WRIGLEY (WM) JR CO............................................................ 18,000
------------
1,089,777
------------
</TABLE>
See notes to financial statements. 17
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
FOOD STORES--0.67%
1,015 ALBERTSONS, INC............................................................... $ 52,335
1,500 FOOD LION, INC (CLASS B)...................................................... 17,343
200 GREAT ATLANTIC & PACIFIC TEA CO, INC.......................................... 6,762
2,200 - KROGER CO..................................................................... 61,462
1,400 - SAFEWAY, INC.................................................................. 69,300
300 - STARBUCKS CORP................................................................ 11,268
------------
218,470
------------
FURNITURE AND FIXTURES--0.29%
150 - ETHAN ALLEN INTERIORS, INC.................................................... 5,662
300 HON INDUSTRIES, INC........................................................... 8,756
300 KIMBALL INTERNATIONAL, INC (CLASS B).......................................... 5,062
400 - LEAR CORP..................................................................... 19,900
300 LEGGETT & PLATT, INC.......................................................... 8,343
500 MILLER (HERMAN), INC.......................................................... 10,500
557 NEWELL RUBBERMAID, INC........................................................ 25,900
500 U.S. INDUSTRIES, INC.......................................................... 8,500
------------
92,623
------------
FURNITURE AND HOMEFURNISHINGS STORES--0.36%
500 - BED BATH & BEYOND, INC........................................................ 19,250
400 - BEST BUY, INC................................................................. 27,000
300 CIRCUIT CITY STORES-CIRCUIT CITY GROUP........................................ 27,900
200 - LINENS N THINGS, INC.......................................................... 8,750
500 PIER 1 IMPORTS, INC........................................................... 5,625
600 TANDY CORP.................................................................... 29,325
------------
117,850
------------
GENERAL BUILDING CONTRACTORS--0.06%
300 CENTEX CORP................................................................... 11,268
300 KAUFMAN & BROAD HOME CORP..................................................... 7,462
------------
18,730
------------
GENERAL MERCHANDISE STORES--2.28%
400 - BJS WHOLESALE CLUB, INC....................................................... 12,025
300 CASEYS GENERAL STORES, INC.................................................... 4,500
100 - CONSOLIDATED STORES CORP...................................................... 2,700
500 - COSTCO COS, INC............................................................... 40,031
1,000 DAYTON HUDSON CORP............................................................ 65,000
200 DILLARDS, INC (CLASS A)....................................................... 7,025
375 DOLLAR GENERAL CORP........................................................... 10,875
300 - DOLLAR TREE STORES, INC....................................................... 13,200
200 FAMILY DOLLAR STORES, INC..................................................... 4,800
700 - FEDERATED DEPARTMENT STORES, INC.............................................. 37,056
1,500 - K MART CORP................................................................... 24,656
500 - KOHLS CORP.................................................................... 38,593
750 MAY DEPARTMENT STORES CO...................................................... 30,656
100 - NEIMAN-MARCUS GROUP, INC...................................................... 2,568
500 PENNEY, (J.C.) CO, INC........................................................ 24,281
200 - SAKS, INC..................................................................... 5,775
1,100 SEARS ROEBUCK & CO............................................................ 49,018
200 - SHOPKO STORES, INC............................................................ 7,250
7,400 WAL-MART STORES, INC.......................................................... 357,050
------------
737,059
------------
HEALTH SERVICES--0.34%
1,600 COLUMBIA/HCA HEALTHCARE CORP.................................................. 36,500
200 - EXPRESS SCRIPTS, INC.......................................................... 12,037
300 - HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW)............................................................. 3,375
1,400 - HEALTHSOUTH CORP.............................................................. 20,912
84 - LIFEPOINT HOSPITALS, INC...................................................... 1,128
200 - LINCARE HOLDINGS, INC......................................................... 5,000
1,100 - MEDPARTNERS, INC.............................................................. 8,318
100 - PEDIATRIX MEDICAL GROUP, INC.................................................. 2,125
100 - QUEST DIAGNOSTICS, INC........................................................ 2,737
200 - RENAL CARE GROUP, INC......................................................... 5,175
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
600 - TENET HEALTHCARE CORP......................................................... $ 11,137
84 - TRIAD HOSPITALS, INC.......................................................... 1,134
------------
109,578
------------
HEAVY CONSTRUCTION, EXCEPT BUILDING--0.01%
200 FOSTER WHEELER CORP........................................................... 2,825
------------
HOLDING AND OTHER INVESTMENT OFFICES--0.76%
300 APARTMENT INVESTMENT & MANAGEMENT CO.......................................... 12,825
200 ARCHSTONE COMMUNITIES TRUST................................................... 4,387
300 BOSTON PROPERTIES, INC........................................................ 10,762
200 CAMDEN PROPERTY TRUST......................................................... 5,550
200 CARRAMERICA REALTY CORP....................................................... 5,000
200 CENTERPOINT PROPERTIES CORP................................................... 7,325
600 CORNERSTONE PROPERTIES, INC................................................... 9,525
100 COUSINS PROPERTIES, INC....................................................... 3,381
400 CRESCENT REAL ESTATE EQUITIES CO.............................................. 9,500
100 DEVELOPERS DIVERSIFIED REALTY CORP............................................ 1,662
1,100 EQUITY OFFICE PROPERTIES TRUST................................................ 28,187
400 EQUITY RESIDENTIAL PROPERTIES TRUST CO........................................ 18,025
300 FEDERAL REALTY INVESTMENT TRUST............................................... 6,881
300 FELCOR LODGING TRUST, INC..................................................... 6,225
100 FIRST INDUSTRIAL REALTY TRUST, INC............................................ 2,743
200 FRANCHISE FINANCE CORP OF AMERICA............................................. 4,400
200 GENERAL GROWTH PROPERTIES, INC................................................ 7,100
200 INDYMAC MORTGAGE HOLDINGS, INC................................................ 3,200
200 KIMCO REALTY CORP............................................................. 7,825
400 LIBERTY PROPERTY TRUST CO..................................................... 9,950
100 MACERICH CO................................................................... 2,625
200 MACK-CALI REALTY CORP......................................................... 6,187
300 MERISTAR HOSPITALITY CORP..................................................... 6,731
200 PRENTISS PROPERTIES TRUST..................................................... 4,700
500 PRISON REALTY TRUST, INC...................................................... 4,906
300 RECKSON ASSOCIATES REALTY CORP................................................ 7,050
100 SHURGARD STORAGE CENTERS, INC................................................. 2,712
200 SIMON PROPERTY GROUP, INC..................................................... 5,075
200 SPIEKER PROPERTIES, INC....................................................... 7,775
200 STARWOOD FINANCIAL TRUST...................................................... 12,400
300 VORNADO REALTY TRUST.......................................................... 10,593
200 WASHINGTON REAL ESTATE INVESTMENT TRUST....................................... 3,387
200 WEINGARTEN REALTY INVESTORS, INC.............................................. 8,350
------------
246,944
------------
HOTELS AND OTHER LODGING PLACES--0.33%
2,400 - CENDANT CORP.................................................................. 49,200
400 - EXTENDED STAY AMERICA, INC.................................................... 4,800
200 HILTON HOTELS CORP............................................................ 2,837
400 - MANDALAY RESORT GROUP......................................................... 8,450
1,300 - PARK PLACE ENTERTAINMENT...................................................... 12,593
400 - PROMUS HOTEL CORP............................................................. 12,400
500 STARWOOD HOTELS & RESORTS WORLDWIDE........................................... 15,281
------------
105,561
------------
INDUSTRIAL MACHINERY AND EQUIPMENT--7.85%
700 - 3COM CORP..................................................................... 18,681
500 - ADAPTEC, INC.................................................................. 17,656
400 - AMERICAN STANDARD COS, INC.................................................... 19,200
600 - APPLE COMPUTER, INC........................................................... 27,787
1,100 - APPLIED MATERIALS, INC........................................................ 81,262
200 APPLIED POWER, INC (CLASS A).................................................. 5,462
700 BAKER HUGHES, INC............................................................. 23,450
300 BLACK & DECKER CORP........................................................... 18,937
400 BRUNSWICK CORP................................................................ 11,150
200 - C-CUBE MICROSYSTEMS, INC...................................................... 6,337
700 - CABLETRON SYSTEMS, INC........................................................ 9,100
100 CASE CORP..................................................................... 4,812
800 CATERPILLAR, INC.............................................................. 48,000
500 - CIRRUS LOGIC, INC............................................................. 4,437
</TABLE>
18 See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
INDUSTRIAL MACHINERY AND EQUIPMENT--(CONTINUED)
8,600 - CISCO SYSTEMS, INC............................................................ $ 554,162
300 - COLTEC INDUSTRIES, INC........................................................ 6,506
4,200 COMPAQ COMPUTER CORP.......................................................... 99,487
200 CUMMINS ENGINE CO, INC........................................................ 11,425
600 DEERE & CO.................................................................... 23,775
5,400 - DELL COMPUTER CORP............................................................ 199,800
400 DIEBOLD, INC.................................................................. 11,500
400 DOVER CORP.................................................................... 14,000
2,800 - EMC CORP...................................................................... 154,000
100 - GATEWAY, INC.................................................................. 5,900
2,400 HEWLETT-PACKARD CO............................................................ 241,200
100 IDEX CORP..................................................................... 3,287
400 INGERSOLL-RAND CO............................................................. 25,850
4,900 INTERNATIONAL BUSINESS MACHINES CORP.......................................... 633,325
200 - LAM RESEARCH CORP............................................................. 9,337
400 - LEXMARK INTERNATIONAL GROUP (CLASS A)......................................... 26,425
300 MILACRON, INC................................................................. 5,550
100 NACCO INDUSTRIES, INC (CLASS A)............................................... 7,350
200 - NOVELLUS SYSTEMS, INC......................................................... 13,650
600 PALL CORP..................................................................... 13,312
100 PENTAIR, INC.................................................................. 4,575
600 PITNEY BOWES, INC............................................................. 38,550
800 - QUANTUM CORP.................................................................. 19,300
800 - SEAGATE TECHNOLOGY, INC....................................................... 20,500
300 - SILICON GRAPHICS, INC......................................................... 4,912
500 - STORAGE TECHNOLOGY CORP....................................................... 11,375
300 SYMBOL TECHNOLOGIES, INC...................................................... 11,062
100 TECUMSEH PRODUCTS CO (CLASS A)................................................ 6,056
700 TENNECO, INC.................................................................. 16,712
300 TIMKEN CO..................................................................... 5,850
800 - UNISYS CORP................................................................... 31,150
200 - VISUAL NETWORKS, INC.......................................................... 6,400
500 - WESTERN DIGITAL CORP.......................................................... 3,250
200 YORK INTERNATIONAL CORP....................................................... 8,562
------------
2,544,366
------------
INSTRUMENTS AND RELATED PRODUCTS--2.14%
100 BAUSCH & LOMB, INC............................................................ 7,650
600 BAXTER INTERNATIONAL, INC..................................................... 36,375
100 BECKMAN COULTER, INC.......................................................... 4,862
500 BECTON DICKINSON & CO......................................................... 15,000
200 - BIOMET, INC................................................................... 7,950
700 - BOSTON SCIENTIFIC CORP........................................................ 30,756
200 DENTSPLY INTERNATIONAL, INC................................................... 5,600
900 EASTMAN KODAK CO.............................................................. 60,975
17 - GENZYME SURGICAL PRODUCTS..................................................... 74
1,000 - GUIDANT CORP.................................................................. 51,437
400 HONEYWELL, INC................................................................ 46,350
300 JOHNSON CONTROLS, INC......................................................... 20,793
200 - KLA-TENCOR CORP............................................................... 12,975
100 - LITTON INDUSTRIES, INC........................................................ 7,175
1,418 MEDTRONIC, INC................................................................ 110,426
300 - METTLER-TOLEDO INTERNATIONAL, INC............................................. 7,443
50 - PE CORP-CELERA GENOMICS GROUP................................................. 809
200 PE CORP-PE BIOSYSTEMS GROUP................................................... 22,950
300 POLAROID CORP................................................................. 8,287
800 RAYTHEON CO (CLASS B)......................................................... 56,300
400 - ST. JUDE MEDICAL, INC......................................................... 14,250
400 - STERIS CORP................................................................... 7,750
100 - STRYKER CORP.................................................................. 6,012
300 - SYBRON INTERNATIONAL CORP..................................................... 8,268
300 TEKTRONIX, INC................................................................ 9,056
200 - TERADYNE, INC................................................................. 14,350
200 - VISX, INC..................................................................... 15,837
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
200 - WATERS CORP................................................................... $ 10,625
1,600 XEROX CORP.................................................................... 94,500
------------
694,835
------------
INSURANCE AGENTS, BROKERS AND SERVICE--0.16%
700 MARSH & MCLENNAN COS, INC...................................................... 52,850
------------
INSURANCE CARRIERS--5.25%
400 AETNA, INC.................................................................... 35,775
800 AFLAC, INC.................................................................... 38,300
300 - ALLMERICA FINANCIAL CORP...................................................... 18,243
2,200 ALLSTATE CORP................................................................. 78,925
300 AMBAC FINANCIAL GROUP, INC.................................................... 17,137
200 AMERICAN FINANCIAL GROUP, INC................................................. 6,812
600 AMERICAN GENERAL CORP......................................................... 45,225
3,456 AMERICAN INTERNATIONAL GROUP, INC............................................. 404,568
750 AON CORP...................................................................... 30,937
10 - BERKSHIRE HATHAWAY, INC (CLASS B)............................................. 22,400
300 CHUBB CORP.................................................................... 20,850
600 CIGNA CORP.................................................................... 53,400
700 CINCINNATI FINANCIAL CORP..................................................... 26,293
9,150 CITIGROUP, INC................................................................ 434,625
200 COMMERCE GROUP, INC........................................................... 4,875
600 CONSECO, INC.................................................................. 18,262
100 ENHANCE FINANCIAL SERVICES GROUP, INC......................................... 1,975
300 EQUITABLE COS, INC............................................................ 20,100
200 EVEREST REINSURANCE HOLDINGS, INC............................................. 6,525
100 - EXECUTIVE RISK, INC........................................................... 8,506
220 FIDELITY NATIONAL FINANCIAL, INC.............................................. 4,620
300 FIRST AMERICAN FINANCIAL CORP................................................. 5,362
400 FREMONT GENERAL CORP.......................................................... 7,550
400 HARTFORD FINANCIAL SERVICES GROUP, INC........................................ 23,325
100 HARTFORD LIFE, INC (CLASS A).................................................. 5,262
200 HORACE MANN EDUCATORS CORP.................................................... 5,437
600 - HUMANA, INC................................................................... 7,762
400 JEFFERSON-PILOT CORP.......................................................... 26,475
100 LANDAMERICA FINANCIAL GROUP, INC.............................................. 2,875
600 LINCOLN NATIONAL CORP......................................................... 31,387
200 LOEWS CORP.................................................................... 15,825
100 MBIA, INC..................................................................... 6,475
400 MGIC INVESTMENT CORP.......................................................... 19,450
800 OLD REPUBLIC INTERNATIONAL CORP............................................... 13,850
500 - OXFORD HEALTH PLANS, INC...................................................... 7,781
300 - PACIFICARE HEALTH SYSTEMS, INC (CLASS A)...................................... 21,581
100 PMI GROUP, INC................................................................ 6,281
100 PROGRESSIVE CORP.............................................................. 14,500
100 PROVIDENT COS, INC............................................................ 4,000
100 RADIAN GROUP, INC............................................................. 4,881
150 REINSURANCE GROUP OF AMERICA, INC............................................. 5,287
400 RELIASTAR FINANCIAL CORP...................................................... 17,500
200 SAFECO CORP................................................................... 8,825
400 ST. PAUL COS, INC............................................................. 12,725
500 TORCHMARK CORP................................................................ 17,062
200 TRANSAMERICA CORP............................................................. 15,000
200 TRAVELERS PROPERTY CASUALTY CORP.............................................. 7,825
200 - TRIGON HEALTHCARE, INC........................................................ 7,275
500 UNITED HEALTHCARE CORP........................................................ 31,312
200 UNUM CORP..................................................................... 10,950
300 - WELLPOINT HEALTH NETWORKS, INC................................................ 25,462
100 WHITE MOUNTAINS INSURANCE..................................................... 14,100
------------
1,701,735
------------
LOCAL AND INTERURBAN PASSENGER TRANSIT--0.03%
200 - COACH U.S.A., INC............................................................. 8,387
------------
LUMBER AND WOOD PRODUCTS--0.23%
300 - CHAMPION ENTERPRISES, INC..................................................... 5,587
600 CLAYTON HOMES, INC............................................................ 6,862
400 GEORGIA-PACIFIC CORP (PACKAGING GROUP)........................................ 18,950
</TABLE>
See notes to financial statements. 19
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
LUMBER AND WOOD PRODUCTS--(CONTINUED)
600 LOUISIANA PACIFIC CORP........................................................ $ 14,250
400 WEYERHAEUSER CO............................................................... 27,500
------------
73,149
------------
METAL MINING--0.17%
600 CYPRUS AMAX MINERALS CO....................................................... 9,112
800 - FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B)................................. 14,350
1,500 HOMESTAKE MINING CO........................................................... 12,281
200 NEWMONT MINING CORP........................................................... 3,975
100 PHELPS DODGE CORP............................................................. 6,193
300 - STILLWATER MINING CO.......................................................... 9,806
------------
55,717
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES--0.42%
300 HASBRO, INC................................................................... 8,381
300 JOSTENS, INC.................................................................. 6,318
980 MATTEL, INC................................................................... 25,908
1,100 MINNESOTA MINING & MANUFACTURING CO........................................... 95,631
------------
136,238
------------
MISCELLANEOUS RETAIL--0.89%
300 - AMAZON.COM, INC............................................................... 37,537
1,000 CVS CORP...................................................................... 50,750
750 - OFFICE DEPOT, INC............................................................. 16,546
500 RITE AID CORP................................................................. 12,312
1,500 - STAPLES, INC.................................................................. 46,406
100 TIFFANY & CO.................................................................. 9,650
1,000 - TOYS R US, INC................................................................ 20,687
2,800 WALGREEN CO................................................................... 82,250
300 - ZALE CORP..................................................................... 12,000
------------
288,138
------------
MOTION PICTURES--1.13%
5,500 - DISNEY (WALT) CO.............................................................. 169,468
100 - HOLLYWOOD ENTERTAINMENT CORP.................................................. 1,956
100 - KING WORLD PRODUCTIONS, INC................................................... 3,481
2,600 TIME WARNER, INC.............................................................. 191,100
------------
366,005
------------
NONDEPOSITORY INSTITUTIONS--2.02%
1,200 AMERICAN EXPRESS CO........................................................... 156,150
300 - AMERICREDIT CORP.............................................................. 4,800
1,800 ASSOCIATES FIRST CAPITAL CORP................................................. 79,762
600 CAPITAL ONE FINANCIAL CORP.................................................... 33,412
300 COUNTRYWIDE CREDIT INDUSTRIES, INC............................................ 12,825
2,700 FEDERAL NATIONAL MORTGAGE ASSOCIATION......................................... 184,612
1,900 FREDDIE MAC................................................................... 110,200
1,100 HOUSEHOLD INTERNATIONAL, INC.................................................. 52,112
300 LEUCADIA NATIONAL CORP........................................................ 7,612
300 SLM HOLDINGS CORP............................................................. 13,743
------------
655,228
------------
NONMETALLIC MINERALS, EXCEPT FUELS--0.05%
200 MARTIN MARIETTA MATERIALS, INC................................................ 11,800
100 VULCAN MATERIALS CO........................................................... 4,825
------------
16,625
------------
OIL AND GAS EXTRACTION--0.64%
100 ANADARKO PETROLEUM CORP....................................................... 3,681
200 APACHE CORP................................................................... 7,800
300 BURLINGTON RESOURCES, INC..................................................... 12,975
400 DIAMOND OFFSHORE DRILLING, INC................................................ 11,350
600 ENSCO INTERNATIONAL, INC...................................................... 11,962
500 - GLOBAL MARINE, INC............................................................ 7,718
1,100 HALLIBURTON CO................................................................ 49,775
300 HELMERICH & PAYNE, INC........................................................ 7,143
300 KERR-MCGEE CORP............................................................... 15,056
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
500 - NOBLE DRILLING CORP........................................................... $ 9,843
1,000 OCCIDENTAL PETROLEUM CORP..................................................... 21,125
600 - PIONEER NATURAL RESOURCES CO.................................................. 6,600
800 - R & B FALCON CORP............................................................. 7,500
400 - ROWAN COS, INC................................................................ 7,375
600 - SANTA FE SNYDER CORP.......................................................... 4,575
300 TRANSOCEAN OFFSHORE, INC...................................................... 7,875
1,000 UNION PACIFIC RESOURCES GROUP, INC............................................ 16,312
------------
208,665
------------
PAPER AND ALLIED PRODUCTS--0.76%
100 AVERY DENNISON CORP........................................................... 6,037
300 BOISE CASCADE CORP............................................................ 12,862
100 CHAMPION INTERNATIONAL CORP................................................... 4,787
700 FORT JAMES CORP............................................................... 26,512
1,245 INTERNATIONAL PAPER CO........................................................ 62,872
1,400 KIMBERLY-CLARK CORP........................................................... 79,800
100 MEAD CORP..................................................................... 4,175
200 - SMURFIT-STONE CONTAINER CORP.................................................. 4,112
600 SONOCO PRODUCTS CO............................................................ 17,962
100 ST. JOE CO.................................................................... 2,700
100 TEMPLE-INLAND, INC............................................................ 6,825
400 WILLAMETTE INDUSTRIES, INC.................................................... 18,425
------------
247,069
------------
PERSONAL SERVICES--0.13%
400 BLOCK (H&R), INC.............................................................. 20,000
200 CINTAS CORP................................................................... 13,437
500 SERVICE CORP INTERNATIONAL.................................................... 9,625
------------
43,062
------------
PETROLEUM AND COAL PRODUCTS--3.72%
100 AMERADA HESS CORP............................................................. 5,950
400 ASHLAND, INC.................................................................. 16,050
800 ATLANTIC RICHFIELD CO......................................................... 66,850
100 - BP AMOCO PLC (SPONS ADR)...................................................... 10,850
1,800 CHEVRON CORP.................................................................. 171,337
6,400 EXXON CORP.................................................................... 493,600
2,200 MOBIL CORP.................................................................... 217,800
200 MURPHY OIL CORP............................................................... 9,762
200 PENNZENERGY CO................................................................ 3,337
200 PENNZOIL-QUAKER STATE CO...................................................... 3,000
600 PHILLIPS PETROLEUM CO......................................................... 30,187
500 SUNOCO, INC................................................................... 15,093
1,500 TEXACO, INC................................................................... 93,750
600 TOSCO CORP.................................................................... 15,562
500 ULTRAMAR DIAMOND SHAMROCK CORP................................................ 10,906
500 UNOCAL CORP................................................................... 19,812
600 USX-MARATHON GROUP, INC....................................................... 19,537
------------
1,203,383
------------
PRIMARY METAL INDUSTRIES--0.34%
800 ALCOA, INC.................................................................... 49,500
100 - CABLE DESIGN TECHNOLOGIES CO.................................................. 1,543
200 CARPENTER TECHNOLOGY CORP..................................................... 5,712
300 ENGELHARD CORP................................................................ 6,787
100 - MAXXAM, INC................................................................... 6,450
200 - MUELLER INDUSTRIES, INC....................................................... 6,787
300 NUCOR CORP.................................................................... 14,231
500 USX-US STEEL GROUP, INC....................................................... 13,500
400 WORTHINGTON INDUSTRIES, INC................................................... 6,575
------------
111,085
------------
PRINTING AND PUBLISHING--0.91%
500 BELO (A.H.) CORP SERIES A..................................................... 9,843
200 CENTRAL NEWSPAPERS, INC (CLASS A)............................................. 7,525
400 DELUXE CORP................................................................... 15,575
100 DONNELLEY (R.R.) & SONS CO.................................................... 3,706
</TABLE>
20 See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
PRINTING AND PUBLISHING--(CONTINUED)
800 GANNETT CO, INC............................................................... $ 57,100
200 KNIGHT-RIDDER, INC............................................................ 10,987
300 LEE ENTERPRISES, INC.......................................................... 9,150
600 MCGRAW HILL COS, INC.......................................................... 32,362
200 MEREDITH CORP................................................................. 6,925
300 NEW YORK TIMES CO (CLASS A)................................................... 11,043
200 - PRIMEDIA, INC................................................................. 3,387
300 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE)........................................................ 11,925
400 REYNOLDS & REYNOLDS CO (CLASS A).............................................. 9,325
400 TRIBUNE CO.................................................................... 34,850
200 WALLACE COMPUTER SERVICES, INC................................................ 5,000
100 - WASHINGTON POST CO (CLASS B).................................................. 53,775
200 - WILEY (JOHN) & SONS, INC (CLASS A)............................................ 3,525
300 - WORLD COLOR PRESS, INC........................................................ 8,250
------------
294,253
------------
RAILROAD TRANSPORTATION--0.43%
1,500 BURLINGTON NORTHERN SANTA FE CORP............................................. 46,500
400 CSX CORP...................................................................... 18,125
300 KANSAS CITY SOUTHERN INDUSTRIES, INC.......................................... 19,143
700 NORFOLK SOUTHERN CORP......................................................... 21,087
600 UNION PACIFIC CORP............................................................ 34,987
------------
139,842
------------
REAL ESTATE--0.04%
300 ARDEN REALTY GROUP, INC....................................................... 7,387
400 STEWART ENTERPRISES, INC (CLASS A)............................................ 5,825
------------
13,212
------------
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.51%
100 APTARGROUP, INC............................................................... 3,000
200 ARMSTRONG WORLD INDUSTRIES, INC............................................... 11,562
300 GOODYEAR TIRE & RUBBER CO..................................................... 17,643
600 ILLINOIS TOOL WORKS, INC...................................................... 49,200
300 NIKE, INC (CLASS B)........................................................... 18,993
300 PREMARK INTERNATIONAL, INC.................................................... 11,250
300 - SAFESKIN CORP................................................................. 3,600
300 - SEALED AIR CORP............................................................... 19,462
600 - SOLUTIA, INC.................................................................. 12,787
100 - SYNETIC, INC.................................................................. 6,875
400 TUPPERWARE CORP............................................................... 10,200
------------
164,572
------------
SECURITY AND COMMODITY BROKERS--1.46%
200 - AFFILIATED MANAGERS GROUP, INC................................................ 6,037
100 - AMERITRADE HOLDINGS CORP (CLASS A)............................................ 10,600
410 BEAR STEARNS COS, INC......................................................... 19,167
600 - E TRADE GROUP, INC............................................................ 23,962
500 EDWARDS (A.G.), INC........................................................... 16,125
500 FRANKLIN RESOURCES, INC....................................................... 20,312
400 LEHMAN BROTHERS HOLDINGS, INC................................................. 24,900
700 MERRILL LYNCH & CO, INC....................................................... 55,956
1,500 MORGAN STANLEY, DEAN WITTER, & CO............................................. 153,750
400 PAINE WEBBER GROUP, INC....................................................... 18,700
400 PRICE (T. ROWE) ASSOCIATES, INC............................................... 15,350
200 RAYMOND JAMES FINANCIAL CORP.................................................. 4,787
950 SCHWAB (CHARLES) CORP......................................................... 104,381
------------
474,027
------------
STONE, CLAY, AND GLASS PRODUCTS--0.21%
500 CORNING, INC.................................................................. 35,062
200 - DEPARTMENT 56, INC............................................................ 5,375
200 LAFARGE CORP.................................................................. 7,087
300 OWENS CORNING CO.............................................................. 10,312
300 - OWENS ILLINOIS, INC........................................................... 9,806
------------
67,642
------------
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
TEXTILE MILL PRODUCTS--0.03%
200 - MOHAWK INDUSTRIES, INC........................................................ $ 6,075
100 WESTPOINT STEVENS, INC........................................................ 2,981
------------
9,056
------------
TOBACCO PRODUCTS--0.84%
6,100 PHILIP MORRIS COS, INC........................................................ 245,143
333 - RJR REYNOLDS TOBACCO HOLDINGS, INC............................................ 10,489
600 UST, INC...................................................................... 17,550
------------
273,182
------------
TRANSPORTATION BY AIR--0.51%
300 AIRBORNE FREIGHT CORP......................................................... 8,306
100 - ALASKA AIR GROUP, INC......................................................... 4,175
400 - AMR CORP...................................................................... 27,300
300 - CONTINENTAL AIRLINES, INC (CLASS B)........................................... 11,287
400 DELTA AIRLINES, INC........................................................... 23,050
800 - FDX CORP...................................................................... 43,400
1,000 SOUTHWEST AIRLINES CO......................................................... 31,125
200 - U.S. AIRWAYS GROUP, INC....................................................... 8,712
100 - UAL CORP...................................................................... 6,500
------------
163,855
------------
TRANSPORTATION EQUIPMENT--2.95%
1,300 ALLIED SIGNAL, INC............................................................ 81,900
100 ARVIN INDUSTRIES, INC......................................................... 3,787
300 AUTOLIV, INC.................................................................. 9,075
100 - BE AEROSPACE, INC............................................................. 1,868
2,600 BOEING CO..................................................................... 114,887
200 CORDANT TECHNOLOGIES, INC..................................................... 9,037
300 DANA CORP..................................................................... 13,818
300 DANAHER CORP.................................................................. 17,437
1,188 DELPHI AUTOMOTIVE SYSTEMS CORP................................................ 22,052
300 EATON CORP.................................................................... 27,600
300 FEDERAL-MOGUL CORP............................................................ 15,600
200 FLEETWOOD ENTERPRISES, INC.................................................... 5,287
2,800 FORD MOTOR CO................................................................. 158,025
200 GENCORP, INC.................................................................. 5,050
400 GENERAL DYNAMICS CORP......................................................... 27,400
1,700 GENERAL MOTORS CORP........................................................... 112,200
100 - GENERAL MOTORS CORP (CLASS H)................................................. 5,625
400 GOODRICH (B.F.) CO............................................................ 17,000
300 - GULFSTREAM AEROSPACE CORP..................................................... 20,268
500 HARLEY DAVIDSON, INC.......................................................... 27,187
100 ITT INDUSTRIES, INC........................................................... 3,812
700 LOCKHEED MARTIN CORP.......................................................... 26,075
200 MASCOTECH, INC................................................................ 3,387
400 MERITOR AUTOMOTIVE, INC....................................................... 10,200
300 - NAVISTAR INTERNATIONAL CORP................................................... 15,000
200 NORTHROP GRUMMAN CORP......................................................... 13,262
300 PACCAR, INC................................................................... 16,012
200 POLARIS INDUSTRIES, INC....................................................... 8,700
100 - SPX CORP...................................................................... 8,350
400 TEXTRON, INC.................................................................. 32,925
200 TRINITY INDUSTRIES, INC....................................................... 6,700
400 TRW, INC...................................................................... 21,950
1,300 UNITED TECHNOLOGIES CORP...................................................... 93,193
------------
954,669
------------
TRANSPORTATION SERVICES--0.08%
200 GALILEO INTERNATIONAL, INC.................................................... 10,687
400 GATX CORP..................................................................... 15,225
------------
25,912
------------
TRUCKING AND WAREHOUSING--0.01%
100 USFREIGHTWAYS CORP............................................................ 4,631
------------
</TABLE>
See notes to financial statements. 21
<PAGE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
WATER TRANSPORTATION--0.04%
200 ALEXANDER & BALDWIN, INC...................................................... $ 4,450
300 TIDEWATER, INC................................................................ 9,150
------------
13,600
------------
WHOLESALE TRADE-DURABLE GOODS--0.21%
400 - ARROW ELECTRONICS, INC........................................................ 7,600
200 - FISHER SCIENTIFIC INTERNATIONAL, INC.......................................... 4,462
200 GENUINE PARTS CO.............................................................. 7,000
400 GRAINGER (W.W.), INC.......................................................... 21,525
700 IKON OFFICE SOLUTIONS, INC.................................................... 10,500
200 - INGRAM MICRO, INC (CLASS A)................................................... 5,150
100 - PATTERSON DENTAL CO........................................................... 3,475
200 - TECH DATA CORP................................................................ 7,650
------------
67,362
------------
WHOLESALE TRADE-NONDURABLE GOODS--0.74%
200 - AMERISOURCE HEALTH CORP (CLASS A)............................................. 5,100
600 BERGEN BRUNSWIG CORP (CLASS A)................................................ 10,350
800 CARDINAL HEALTH, INC.......................................................... 51,300
900 ENRON CORP.................................................................... 73,808
600 FORTUNE BRANDS, INC........................................................... 24,825
655 MCKESSON HBOC, INC............................................................ 21,041
300 - NU SKIN ENTERPRISES, INC (CLASS A)............................................ 5,981
700 SUPERVALU, INC................................................................ 17,981
<CAPTION>
SHARES VALUE
- ------ ------------
<C> <S> <C>
800 SYSCO CORP.................................................................... $ 23,850
200 - UNITED STATIONERS, INC........................................................ 4,400
------------
238,636
------------
TOTAL COMMON STOCK
(COST $28,024,831)............................................................ 31,949,712
------------
TOTAL PORTFOLIO
(COST $28,024,831)............................................................ $ 31,949,712
------------
------------
</TABLE>
- ---------------
- Non-income producing
# Restricted Security - Investment in security not registered under the
Securities Act of 1933 or not publicly traded in foreign markets. At June
30, 1999, the value of this security amounted to $30 or 0.00% of net
assets.
Additional information on the restricted security is as follows:
<TABLE>
<CAPTION>
ACQUISITION
SECURITY DATE ACQUISITION COST
- ------------------------------------ ------------- -----------------
<S> <C> <C>
PROCURENET, INC 04/15/99 $ 30
--
--
</TABLE>
22 See notes to financial statements.
<PAGE>
<TABLE>
<C> <S> <C>
[LOGO] TEACHERS INSURANCE AND ANNUITY ASSOCIATION PRESORTED
COLLEGE RETIREMENT EQUITIES FUND STANDARD
730 Third Avenue U.S. POSTAGE
New York, NY 10017-3206 PAID
TIAA-CREF
[LOGO] Printed on recycled paper
PAS-FIN-8/99
</TABLE>
